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    GFL   CA36168Q1046

GFL ENVIRONMENTAL INC.

(GFL)
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Canada's Competition Bureau Challenges GFL Environmental's Purchase of Terrapure

12/01/2021 | 02:22pm EST

By Josh Beckerman

Canada's Competition Bureau is challenging GFL Environmental Inc.'s purchase of Terrapure Environmental Inc., completed in August, saying the deal is likely to cause higher prices for some industrial waste and oil recycling customers in Western Canada.

GFL said it "intends to work cooperatively with the Competition Bureau to resolve this matter." The company said an application challenging certain aspects of the deal relates to seven specific locations that have annual revenue of about 30 million Canadian dollars (US$23.5 million). GFL noted that the deal closed "following the expiration of the statutory waiting period."

The Competition Bureau said it determined that the transaction "is likely to cause a substantial lessening of competition" in oil recycling services in eight regions across British Columbia, Alberta and Saskatchewan.

The bureau mentioned a different energy-related service in its objection to another deal. In June, the bureau said it would seek to block Secure Energy Services Inc.'s proposed acquisition of Tervita Corp. to protect competition for oil and gas waste disposal services. The transaction was completed in July.

On Oct. 1, the bureau said it obtained court orders "to further inform its challenge." The orders required Albright Flush Systems Ltd., AQT Water Management Inc., and Galatea Technologies Inc., to produce records and written information relating to provision of waste disposal services, the bureau said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

12-01-21 1422ET

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Analyst Recommendations on GFL ENVIRONMENTAL INC.
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Financials
Sales 2021 5 423 M 4 293 M 4 293 M
Net income 2021 -530 M -420 M -420 M
Net Debt 2021 7 823 M 6 193 M 6 193 M
P/E ratio 2021 -26,8x
Yield 2021 0,12%
Capitalization 13 623 M 10 786 M 10 784 M
EV / Sales 2021 3,95x
EV / Sales 2022 3,38x
Nbr of Employees 17 000
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 41,06 CAD
Average target price 51,50 CAD
Spread / Average Target 25,4%
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Managers and Directors
Patrick Dovigi Chairman, President & Chief Executive Officer
Luke Pelosi Chief Operating Officer
Greg Yorston Chief Operating Officer-Solid Waste & Executive VP
Dino Chiesa Lead Independent Director
Arun Nayar Independent Director
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